Emerging Markets and Growth Opportunities for Diamond Export from India

09-Oct-2024

Key Highlights

As per diamond export data, India exported $15.97 billion worth of cut and polished diamonds to the US in the fiscal year 2024.
The top diamond exporters in India include Sanghvi & Sons, Kalyan Jeweller, Titan Company, Kiran Gems Pvt Ltd, and Laxmi Diamond.
India is the largest diamond exporter in the world, with an export value of US$ 18.2 billion.
The top diamond exporting countries are India, the United States, Hong Kong, United Arab Emirates, and Belgium

Diamonds are regarded as the most valuable stones in the world and are frequently seen as the pinnacle of love symbols. India's diamond industry has a long and distinguished history, having been the site of nearly all known diamond discoveries worldwide. Right now, this gemstone is the most sparkling that can be found, and Indian men and women are completely enamoured with it.

Ever wonder which Indian exporters of diamonds have the greatest influence on enhancing the beauty of women? If not, this blog will give you comprehensive details about diamond exporters in India and diamond export from India.

How Many Diamonds Are Produced in India?

India owns 23 of the 38 diamond mines in the world with pride. The majority of them are located in Golconda, formerly referred to as the "Diamond Capital." India's diamond manufacturing businesses are passionate about this priceless stone and want to accentuate its beauty.
In the fiscal year 2022, the estimated value of India's diamond production was 18.1 million Indian rupees.
The nation produces around 3 million lab-grown diamonds a year, or 15% of the total produced worldwide.

Is the Diamond Industry Growing?

The global diamond market is projected to grow from its estimated $94.19 billion in 2023 to $138.66 billion by 2032. This shows that the forecast's compound annual growth rate (CAGR) will be 4.5%.

The market for diamond jewellery in India is expected to grow to $85.8 billion by 2027 from $65.8 billion in 2022.

There are several reasons why the diamond market is expected to expand, including:

Growing demand for lab-grown artificial diamonds
creation of novel diamond-based industrial goods
an increase in online diamond sales

What is the Rank of India in Diamond Export?

It is the largest country in the world for diamond polishing, importing raw diamonds for the process. India's diamond industry contributes significantly to the global diamond export market, accounting for nearly 75% of the world's polished diamond production.

Furthermore, diamond export from India are the highest in the world, making India the global leader in the diamond export market. Here are the factors causing it:

Diamond cutting and polishing: The town of Karwar became a major hub for these processes. The ability to shape and polish a diamond with another diamond was first discovered by India.
Historical significance: India was the only country in the world to supply diamonds until the discovery of diamond mines in Brazil in 1726. The Golconda mines produced some of the world's best diamonds.

Diamond Export From India: 2023-24

India exported $15.97 billion worth of cut and polished diamonds to the US in the fiscal year 2024, based on diamond export data.

According to diamond export data, diamond exporters in India shipped 3,742,248 shipments of diamonds between March 2023 and February 2024 (TTM).

In February 2024 alone, 315,523 shipments of diamonds were exported from India during this time. It is up 18% consecutively from January 2024 and up -12% year over year from February 2023.

In addition, the majority of diamond export from India are imported by the US, the UAE, and Hong Kong.

Nonetheless, China, Vietnam, and India are the top three nations that export diamonds. India is the world leader in diamond exports with 14,955,928 shipments. With 499,577 shipments, China ranks second, followed by Vietnam with 275,775 shipments. Also get the statistics on diamond jewellery export from India, HS Codes and much more.

India's Principal Diamond Export Destinations

The primary markets for diamond export from India are listed in the following list:

Top Rank	The biggest export destinations of India’s diamonds	Diamond export data
1	United States	$9.75B
2	Hong Kong	$5.2B
3	Belgium	$2.91B
4	United Arab Emirates	$2.51B
5	Thailand	$1.35B

So India exports diamonds primarily to these markets. For diamond exporters in India, the United States is the primary destination, with an export value of $9.75 billion. Additionally, Belgium, Hong Kong, Thailand, and the United Arab Emirates are other important export markets for Indian diamonds. Moreover, go to Eximpedia.app right now to obtain the diamond export data for every nation in the world.

Top Diamond Exporting Countries

The largest diamond exporters in the world are listed below:

S.no.	Top Diamond exporting countries	Export value
1	India	US$ 18.2 billion
2	United States	US$ 16.8 billion
3	Hong Kong	US$ 14.6 billion
4	United Arab Emirates	US$ 10.3 billion
5	Belgium	US$ 9.7 billion
6	Israel	US$ 6.6 billion
7	Botswana	US$ 4.3 billion
8	Russia	US$ 2.2 billion
9	South Africa	US$ 2.1 billion
10	China	US$ 1.93 billion

India ranked first in the world in terms of diamond export value in 2023, with a total of 18.2 billion US dollars. This is not because India has a large diamond mining industry; rather, it is the world's largest polishing nation, supplying imports of raw diamonds. Additionally, you can get data on diamond exporters in India and data on diamond export from India by visiting our educational dashboard, Eximpedia.app.

Now, explore the list of major diamond exporters in India!

Leading Diamond Exporters in India

The top diamond export companies in India are listed below:

Sanghvi & Sons
Kalyan Jeweller
Titan Company
Kiran Gems Pvt Ltd
Laxmi Diamond
Hari Krishna Exports
Tribhovandas Bhimji Zaveri Ltd.
Goldiam Inter
Asian Star Company
Senco Gold

These are the top 10 diamond exporters in India, who have grown to be leaders in the diamond trade. The leading diamond export company in India is Sanghvi & Sons. Apart from these, a few other Indian companies that do diamond export from India have great success in the global market as a result of their superior quality, variety, and services. Visit Eximpedia.app to obtain diamond export data and learn more about the export of diamonds from India.

How to Locate Diamond Exporters Globally?

Despite its prosperity, the Indian diamond industry faces several obstacles, including fluctuating global demand and international competition. There are still lots of chances for development.

India now has a new market to enter thanks to the increasing demand for lab-grown diamonds, and the nation's proficiency with traditional diamond cutting can be used to capitalize on this trend.

Furthermore, accurate and current export and import data reports will help international traders expand their businesses. Eximpedia.app, a significant player in the export-import market, provides useful information like diamond export data, a directory of genuine diamond exporters in India, and information on diamond export from India.

The Final Words!

India has multiple roles in the international diamond export market. Because of its long history, highly skilled labor force, and favourable political environment, the nation is a major player in the sector.

Furthermore, India is in a strong position to take advantage of new opportunities and hold onto its position as the world leader in the diamond industry, given the ongoing changes in the industry. Do you still have concerns about diamond export from India or diamond jewellery export from India? Alternatively, are you examining the list of diamond exporters in India? Get in contact with our team of experts to arrange a free live demo.

Frequently Asked Questions (FAQs)

Which country export diamonds from India?

The biggest export destinations of India’s diamonds are the United States, Hong Kong, Belgium, the United Arab Emirates, and Thailand.

Who is the largest exporter of diamonds?

India ranked first in the world in terms of diamond export value in 2023, with a total of 18.2 billion US dollars.

Why India is the largest exporter of diamonds?

India has become a major hub for Diamond cutting and polishing. It’s ability to shape and polish a diamond with another diamond, makes it the largest exporter of diamonds.